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March 14, 2008 

OFAC Issues March Civil Penalty Report

The Treasury Department's Office of Foreign Assets Control (OFAC) today issued its monthly report of civil penalties imposed on companies and individuals for allegedly violating the sanctions regimes administered by OFAC.

OFAC's monthly penalty report indicates that the agency settled three cases involving corporations and three cases against individuals. The following is a summary of the settlements:


  • Fleet National Bank, which was acquired by Bank of America in 2005, remitted $1,337.50 to settle allegations of a violation of the former Libyan Sanctions Regulations by the Montevideo, Uruguay branch office of Fleet. The alleged violation by the Fleet branch occurred in April 2003 and prior to the June 2005 merger of Fleet into Bank of America. This matter was voluntarily disclosed to OFAC.
  • Citigroup, N.A. remitted $16,250 to settle allegations of violations of the Cuban Assets Control Regulations. OFAC alleged that in October 2004 Citigroup acted without an OFAC license or outside the scope of its license by creating a banker’s acceptance for goods shipped by a Cuban carrier. Citigroup voluntarily disclosed this matter to OFAC.
  • America Servi Express, Inc. (“ASE”), a Fort Lauderdale, Florida provider of financial and other services, was assessed a $2,465.00 civil monetary for allegedly violating the Narcotics Trafficking Sanctions Regulations by initiating a wire transfer to a U.S. life insurance company in payment of a premium on a policy issued on the life of a Specially Designated Narcotics Trafficker. ASE did not voluntarily disclose this matter to OFAC.
Individuals (OFAC does not release the names of individuals involved in civil penalty cases):
  • OFAC imposed a $6,000 penalty on an individual for allegedly dealing in property in which Cuba has an interest. Specifically, the person allegedly engaged in financial transaction with Cuba, including the receipt of an payment for goods and services. This penalty amount is one of the largest recent penalties imposed by OFAC on an individual associated with the Cuban Assets Control Regulations.
  • OFAC settled one case involving the purchase of Cuban-cigars offered for sale on the internet for $282.50.
  • OFAC also settled a case for $1,063 against an individual that dealt in services with Cubans that were incident to the making of a commercial.

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